Buy A Home

As an expert, Chelsea helps her clients navigate the mortgage world by teaching the differences between loan programs and breaking down the benefits and overall costs into an easy to understand format.

After reviewing your application, Chelsea can also issue you a free pre-approval letter, required today by most real estate agents and sellers.

Some examples of the most common financing are:

• Conventional: Requires a minimum down payment of 3%. Monthly mortgage insurance is required without 20% down.     

• FHA: Requires a minimum down payment of 3.5%, upfront mortgage insurance (can be financed into the loan), and monthly mortgage insurance for a minimum of 5 years. FHA offers flexible guidelines and cheaper mortgage insurance than conventional loans making it a popular choice for buyers with small down payments or credit challenges.

• VA: Available only for qualified US Veterans of the Armed Forces. VA allows zero down payment and does not require monthly mortgage insurance. An upfront funding fee is required which can be wrapped into the loan.

• USDA: Requires a zero down payment. The property being financed must be within an area deemed rural by USDA and the income of all occupants must be below USDA income limits. A funding fee of 2% is required upfront, which can be wrapped into the loan. No monthly mortgage insurance is required.

• Jumbo: For mortgages above the conforming limits. This varies according to the county the home is located in and the type of dwelling. In the Portland Metro Area our conforming limit for a single family residence is $417,000. Down payments also vary, but most lenders require a minimum down payment of 10%.